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Archive for May, 2010

Vancouver-Properties.ca has gone Mobile!

May 27, 2010 Leave a comment

mobile website

Today it’s my pleasure to announce that vancouver-properties.ca has been also formated to display on your mobile devices. Thanks to MyRealPage.com amazing platform, iWebkit and some DIY by yours truly, vancouver-properties is now viewable on your Iphones, Blacberry’s etc, by simply going to mobile.vancouver-properties.ca.

Really cool feature of the mobile website is GPS location property search, which allows you to view all active properties for sale around you using your GPS position.
So if you are walking through some neighbournood or an area that you like and wondering what is for sale, now you can simply go to my mobile website and click on Mobile Listing Search and see active listings around you.
You can also see my active listings, my office listings, read my latest blog, news etc.

Take some time and visit mobile.vancouver-properties.ca browse around and let me know what you think about it or if you have some suggestions that you would like to see in the future.

How to setup a short cut icon on your phone:

  • Blackberry: Click or tap on the link at the bottom of any page that reads
    “Download a shortcut to your Blackberry”
  • Iphone: Tap the “+” sign and select “Add to Home Screen”
Categories: Uncategorized

CMHC Housing Outlook for Vancouver

May 19, 2010 Leave a comment

Vancouver Highlights

  • Moderating MLS® sales and more homes listed for sale will move the resale market into more balanced market conditions.
  • Home prices will rise 11 per cent this year1, with most of the gains taking place in the fi rst half of the year.
  • Modest price growth is forecast for 2011.
  • New home construction will increase, but stay below the ten-year average level, this year and next.
  • Improving economic and labour market conditions will mean slightly lower rental apartment vacancy rates in 2010 and 2011.

figure1

Resale Market Becomes More Balanced

MLS® sales in Greater Vancouver are forecast to moderate in the second half of 2010 and remain flat through 2011. While an improving local economy and job market, along with steady population growth, will support home ownership demand, higher mortgage rates will dampen demand starting in the second half of this year. In addition, much of the pent-up demand that built up during 2008, has been satisfied. In 2009, many first time home buyers made the move to home ownership, taking advantage of record low mortgage rates and prices that had fallen from their previous peak levels. While first quarter home sales this year were well above the low levels of the first quarter 2009, the pace of sales has slowed compared to last fall. This trend will continue, resulting in a three per cent decline in annual sales both this year and next.

At the same time that the pace of sales is expected to flatten, there will be more homes for sale. The steady increase in home prices during the past year has motivated potential sellers to list their homes. The number of new listings added to the market trended higher in the first quarter of 2010. However, strong sales have kept the total stock of active listings on the market well below previous peak levels reached in late 2008.

A combination of moderating sales and an increase in the number of listings will mean more balanced market conditions in Vancouver for the remainder of this year and into 2011. Expect to see fewer multiple offers on properties listed for sale. Buyers will have a larger selection of homes to choose from and more time to make their home purchase decision. With more homes on the market, there will also be less upward pressure on prices going forward. As the resale market adjusts to more balanced supply and demand conditions, the pace of price growth will slow. However, there is often a lag between when conditions become more balanced and when prices react. As a result of high prices and robust sales in the early part of 2010, the annual average MLS® price will increase 11 per cent, with the most of the increase accounted for by the first half of the year. Balanced market conditions will result in home prices rising a more modest three per cent in 2011.

Price growth during the past year has varied by home type. As of March 2010, apartment condo and townhouse prices were two and three per cent above their previous peak levels, respectively. However, single detached home prices were seven per cent above their previous peak level, pushing the total price up nine per cent over the previous peak. Single detached home sales have shifted to the higher price ranges. For example, in 2009, 48 per cent of homes sold were priced above $700,000, while in the first quarter of 2010, 62 per cent of the total sales were above this threshold. Apartment condominium sales saw a smaller shift to higher price ranges, with the proportion sold at the upper end of the market (above $400,000) increasing from 32 per cent last year to 38 per cent of total sales in the first quarter of this year.

Modest Increase in New Home Construction

New home construction in the Vancouver CMA is projected to increase this year and next. An improving local economy and job market will contribute to growth in housing starts. As well, an estimated 16,000 – 18,000 new households will be added to the region annually, largely as a result of migration, contributing to housing demand. The quick recovery in existing home sales and prices during the past year is also giving developers confidence to move forward with new projects.

Foundations will be poured for 12,000 homes this year, a 44 per cent increase over 2009, and 14,500 units in 2011. Even with these robust increases, the number of starts will fall shy of the average for the last ten years (15,360). There will be more single detached and multiple unit home building during the next two years.

Single family home starts will increase, but because this type of construction saw less of a decline last year than did the multiple unit variety, growth will be more subdued (19%). Multiple unit starts are forecast to increase 57 per cent to 8,500 this year. A further 24 per cent boost in 2011 will bring multi family starts near the ten year average level. Larger multiple unit projects, which saw the sharpest decline in 2009, will start to return to the market. However, these projects will be flexible and started in phases, according to market demand.

Part of the reason for this cautious approach to new projects and for the moderate level of starts forecast for Vancouver is that the inventory of completed and unabsorbed new homes has been edging up. While the inventory of unsold single detached homes remains low, more newly completed apartment condominium units have recently been added to the supply.

However, with monthly condo absorption rates during the first quarter of 2010 holding near the twelve month average pace, and with the HST deadline upcoming at the beginning of July, these units will likely be absorbed quickly.

Rental Market Vacancy Rate to Edge Lower

Rental apartment vacancies are forecast to edge slightly lower this year and next, after increasing in 2009. An improving job market and an expected net inflow of more than 40,000 migrants each year will support demand for rental accommodation. Another factor contributing to strong rental demand is that the difference between monthly rental costs and the cost of carrying a mortgage on an apartment condominium is growing. Condominium prices in many areas have rebounded from their previous lows, making rental accommodation a more attractive alternative for those looking to minimize their monthly outlay.

Strong demand for rental accommodation will keep average apartment rents increasing by four per cent this year and next.

Economy

Economic conditions in the Vancouver CMA will be favourable for the housing market this year and next. 2010 began on an up note in the Vancouver CMA with the Winter Olympic Games boosting consumer spending in the region. Most sectors of the economy are poised for growth this year, following an overall contraction of the economy last year. On the services side, the wholesale and retail trade sector is expected to grow, as are the business and noncommercial services sectors. On the goods side, manufacturing will begin to expand as the US economy improves and demand for British Columbia exports rebounds.

Job growth this year and next will support demand for both ownership and rental housing. Vancouver CMA’s job market is expected to pick up as the economy improves. A modest uptick in new home construction will add jobs and non residential construction employment will get a boost from large infrastructure and transportation projects. Some of the larger proposed projects expected to begin in 2010 include the Interior – Lower Mainland Transmission Line Expansion, the Metro Vancouver Waste-to-Energy Incineration Facility, the BCIT Burnaby Campus Expansion, and the Surrey Memorial Hospital Emergency Department and Critical Care Tower4.

Population growth in the Vancouver CMA will continue to contribute to demand for rental and ownership housing. An estimated 40,000 people are expected to move to the Vancouver region each year. This is will add some 16,000 – 18,000 new households each year, in need of housing. Most migrants to the Vancouver CMA are from international destinations, particularly Asia Pacifi c nations. For example, more than seven out of ten immigrants to Vancouver in the fi nal quarter of 2009 came from Asia (Mainland China, India or Taiwan).

Categories: Uncategorized

Living small in Vancouver

May 14, 2010 Leave a comment

The city’s first laneway house to be installed on a permanent site attracted a crowd of more than 1,000 to a two-day open house over the weekend.

If it’s an indication of demand for the 500- to 750-square-foot homes, then business may soon be booming for developers in the business of building these prefab constructions.

The first laneway house to be installed since zoning approval was passed last summer is McGill House, a 710-square-foot contemporary design home that sits to the rear of a house at 2703 McGill St., on the city’s east side. The house is the creation of Bryn Davidson’s Lanefab custom development company, which has been in business for about a year and a half.

Mr. Davidson is a LEED-accredited architect and mechanical engineer who started the business with partner Mat Turner, after design and construction work dried up because of the recession. Prior to Lanefab, Mr. Davidson had been working as an independent designer on sustainable residential projects in Ontario and Alaska.

“It was in the midst of the recession, we were suddenly without work, and at the same time, the City of Vancouver was talking about fast-tracking this lane house policy as part of their EcoDensity strategy,” he says. “So, just over a year ago, we started working to create Lanefab and we worked on designs that would be ready for when they did pass the bylaw.”

What Mr. Davidson didn’t expect was the outpouring of interest the minute he opened the doors for a peak inside McGill House, which is owned by Manuel and Agnes Mendoza, who live in the main house. Mr. Mendoza is a bridal gown designer who owns a long-established store in downtown Vancouver.

McGill House could easily rent for around $1,700 a month – a fact not lost on Vancouver homeowners looking for a revenue stream. They were willing to line up down the lane to view the sleek, modern laneway house that will be ready for rental by June 1.

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“There are quite a few potential projects coming out of the woodwork after this weekend,” says Mr. Davidson, who has given many tours and talks this past year about his designs.

Approval for laneway houses was passed last July, after several years of public meetings attended by stakeholders such as Mr. Davidson who could benefit from the initiative. Laneway housing was made a priority when the city adopted its EcoDensity charter two years ago.

For many, the laneway house (also known as a microhouse) could become a way to offset the high price of Vancouver real estate. In order to purchase a laneway house, the customer must already own a house on a suitable property. A few people who came to view McGill House mistakenly thought they could own the laneway house outright, Mr. Davidson says. Laneway houses are intended to be small one- or two-bedroom microhouses on a lot that’s at least 33 feet wide and has plenty of room for another structure. Oftentimes, they occupy the space where a garage would have been built.

“That’s the caveat – the price doesn’t include the land,” Mr. Davidson says. “You have to already own a $600,000 property.”

In Vancouver, about 66,000 thousand houses or roughly 85 per cent of properties qualify for laneway homes. Because the houses are so small, they can easily be built as prefabricated panels, then constructed on site. Lanefab contracts out the panel work and does the design, construction, permits and hook-ups, such as hydro, for about $190,000 to $230,000 a house, depending on lot size.

The city has issued more than 60 permits for laneway houses. Another Vancouver company, Smallworks, has a factory that produces the panels. The company has taken out seven building permits for laneway houses. It offers a time-lapse video of a prefab house being built on its website (smallworks.ca).

It’s a revenue opportunity that’s relatively inexpensive to build. Customers see it as a boost to the property’s overall worth that also offers housing to either renters or family members, such as kids who are attending university but can’t afford to live independently. Mr. Davidson does not see the laneway house replacing the basement suite. Instead, he sees it complementing Vancouver’s long-standing love affair with the basement suite mortgage helper.

“Given the property values now and the cost of a mortgage, and the cash flow required to pay for a $1-million property, you’ll see both lane houses and basement suites.”

Clients most suitable to the housing are long-time homeowners who don’t have big mortgages and have a lot of equity.

“I think about one-third of people [who want one] are people who just want revenue property,” Mr. Davidson says. “They have a lot of equity, but not a lot of cash flow. Another one-third are people who want it for family – either kids moving back home to care for parents, or people who have a family member who can’t afford a condo but can afford a laneway house. And the last one-third is people who want to downsize and move in themselves. They rent out their main house.”

Lanefab has a dozen more projects in the works, including one for a young couple who plan on renting out their larger house and moving into their laneway home.

“In Vancouver in particular, people have become much more acclimated to living in more compact dwellings than many other places in North America, where the suburban model is still the norm. For many people, the idea of having a well-designed small space is very appealing.”

For Simon Fraser University instructor Darren Jukes, the addition of a 750-square-foot laneway house to his 33- by 122-foot property at 23rd Avenue and Heather Street is a “no brainer.” In the next month or so, construction will begin on an Arts and Crafts design laneway house on his property after about a year of planning. The price tag will wind up in the $180,000-to-$200,000 range, he says.

“For me, there are a couple of things,” he says. “I like investing in an asset basically, and this is a way you can do it in Vancouver. And to have the flexibility of having a family member move in there, or potentially rent it out. I haven’t decided what to do with it yet.

“The alternative is you try to find another piece of real estate in Vancouver, which is another barrier of entry.”

Mr. Jukes purchased his home three years ago, at one of the market peaks.

“The fact that prices are as high as they are, it’s definitely motivation around here, trying to make better use of property that already exists. I also like the fact that I can see in the Lower Mainland that there are only a certain number of directions we can go. And if we don’t want to start building massive condos all over the place, then we are making better use of real estate that we already have. It’s a pretty clever alternative.”

Mr. Davidson has put his money where his mouth is. He and his wife, a transportation planner, have lived in a 360-square-foot condo on the east side of the city for the past few years. It had been completely gutted and redesigned in order to operate as an efficient, usable and contemporary designed space. He used his experience in recreating and living in the studio condo when designing McGill House. After all, 360 square feet could get a little crowded for two people.

“Our relationship survived and is in much better shape than I expected considering we lived in it while renovating it,” he says, laughing.

In terms of living space, he learned the importance of decent storage to keep bikes and clutter out of sight, as well as an open, flexible plan. The linear galley kitchen in his condo is almost identical to the McGill House kitchen. The couple also installed a raised bed that offers storage underneath and an overhead clearance from the ceiling of about four feet.

“It goes from disaster to clean in about 15 minutes,” Mr. Davidson says. “And we do a lot of entertaining. We can do a dinner party for 10.”

There are other benefits to small living.

“It’s nice because our mortgage and condo fees together are half of what we were paying before in rent,” says Mr. Davidson, who plans to put the condo on the market next month for $250,000.

His mantra has long been that we don’t need huge spaces in order to live well.

He has another motive for working on the EcoDensity initiative.

“I grew up in Northern California and watched the sprawl from Sacramento come outward like a tidal wave and engulf the old, small communities.

“And here we are, the first city to really adopt [EcoDensity] as a policy for the majority of properties throughout the city.”

Categories: Uncategorized

BC Home Sales Less Volatile

May 14, 2010 Leave a comment

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 21 per cent to 8,385 units in April compared to the same month last year.
On a seasonally adjusted basis, MLS® residential unit sales in the province declined 4 per cent from March 2010. The average MLS® residential price climbed 15 per cent to $514,820 in April compared to the same month last year.

“BC home sales have trended on an annual rate of 84,000 to 86,000 units over the past three months, down from the 108,000 unit pace recorded in the fourth quarter of last year,” said Cameron Muir, BCREA Chief Economist.
A total of 85,028 MLS® residential unit sales were recorded in 2009. “Higher home prices, particularly in Vancouver, the Fraser Valley and Victoria as well as a recent lift in mortgage interest rates has eroded affordability and had an impact on overall housing demand,” added Muir.

The BC residential sales dollar volume increased 73 per cent to $13.5 billion in the first four months of 2010, compared to the same period last year. Residential units sales rose 47 per cent to 26,669 units year-to-date, while the average MLS® residential price climbed 17 per cent to $507,616 over the same period.

For the complete news release, including detailed statistics, follow this link:
www.bcrea.bc.ca/news_room/2010-04.pdf.

Visit www.vancouver-properties.ca/blog for more blog postings

Categories: Uncategorized

Canadian Housing shows glimpses of cooling

May 11, 2010 Leave a comment

Canadian housing activity continues at a bustling pace, but there are glimmers the market is set to cool.

Housing starts rose at an annualized pace of 201,700 units last month, Canada Mortgage and Housing Corp. said Monday, though gains in multi-unit construction masked the first sizable slide in single-unit activity in a year.

A separate survey showed fewer Canadians have firm plans to buy a house. And resale activity is already slowing.

Most economists – including Bank of Canada officials – expect the housing market to slow from its torrid pace. Rising interest rates, tighter mortgage rules and a new sales tax in Ontario and British Columbia will likely dampen activity in the second half of this year. And though monthly numbers – especially in the building sector – can be volatile, economists said the drop in single-family homes suggests the sector is already softening.

“Is this a signal that single-market construction activity will ease going forward? Probably,”said Yanick Desnoyers, assistant chief economist at National Bank Financial.

Quarterly growth in the housing sector is cooling “rapidly,” and he expects the sector will actually have a negative impact on Canada’s economy next year.

Higher interest rates are a chief reason for the expected slowdown. The Bank of Canada is widely expected to boost its key lending rate next month. “The sensitivity of Canadian households to interest-rate hikes is very, very high right now because debt levels of many households have far outstripped personal-income growth,” Mr. Desnoyers said.

The resale market, meantime, also points to some moderation as activity has eased from record levels and more supply is coming into the market, the Canadian Real Estate Association said in March.

Canadians seem set to take a breather. Just 3.4 per cent say they are very likely to buy a house in the next 12 months, “suggesting activity may slow during the remainder of this year,” a Canadian Association of Accredited Mortgage Professionals report said Monday.

To gauge the effect of rising rates, the association simulated the impact of mortgage-rate increases up to 5.25 per cent. The current average mortgage rate is 4.02 per cent among households that locked in fixed rates during the past year.

It found that about 375,000 mortgage holders “are already challenged” by their current payments, and an additional 475,000 might be in trouble if their rate hits 5.25 per cent.

Mortgage rates have already risen, though several banks – including Royal Bank of Canada on Monday– trimmed some rates in recent days. RBC’s five-year closed rate is now 6.10 per cent – still higher than several months ago.

CMHC’s report showed multiple starts rose 27.2 per cent. Single urban starts tumbled 12.7 per cent – the first big drop since last April.

Starts climbed 16.4 per cent in British Columbia, 6.7 per cent in the Prairie region, 4.5 per cent in Ontario, and 1.1 per cent in Quebec. They fell 3.3 per cent in Atlantic Canada. The country needs a pace of about 175,000 to 185,000 units a year to keep up with demographics, economists estimate.

Canadian mortgage numbers

5.55 million

Number of mortgages in Canada, out of a total 9.3 million homeowners in the country.

$138,000

Average outstanding principal.

$770-billion

Outstanding mortgage principal on primary residences in Canada.

0.45%

Portion of Canadian mortgages in arrears as of February.

Sources: Canadian Association of Accredited Mortgage Professionals, Canadian Bankers Association.

www.vancouver-properties.ca

James – new False Creek Waterfront development by Cressey

May 7, 2010 Leave a comment

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Another cool new developmet to look for!

James – www.jamesliving.com

James

New development n False Creek waterfront neighbourhood by Cressey, designed by Rafii Architects.
James is located at W1st avenue and Crowe. Completion in 2012, maintenance fees from $174.31 – $491, deposit structure is 10% at signing, and 5% after 120 days + 5% after 2nd deposit within 120 days.

map

The vision for James was to create a building that acts as both landmark and landscape and a residence that not only compliments the False Creek community, enhances it.

Concrete, glass and steel come together at James to create a striking residence with sweeping vertical lines, an abundance of outdoor space and exciting elevations where no two sides are alike.

Catering to the community, the townhomes arch away from the sidewalk to create a feeling of openness and inclusion while the glass encased corners of the main tower provide sightlines and a connection to people passing by.

The breezeway, entrance, and lobby are all open and inviting. Natural light spills in reflecting off the skybridge and water feature for added serenity and aesthetics as well as into the fully landscaped common areas and south mews.

The unmistakably contemporary feel of James also features ornamentations and other organic elements that pay homage to the history of this industrious waterfront False Creek community.

James at False Creek was built for people who have high standards for themselves and their homes. Life at James encompasses everything from innovative ways to save water and heat your home to the use of intelligent, low-impact building materials.

Green features

Living at James means you get all of the credit for an environmentally conscious residence just by moving in. James will follow a LEED silver standard. LEED stands for Leadership in Environmental Design which basically means that all along the way, James has been designed with a green theme in mind. This includes far more than just using Energy Star rated appliances, and your in-suite recycling centre, which James does.

It involves careful planning centered around six main categories:
Developing sustainable sites which protect and restore open spaces, have close proximity to rapid transit, include charging stations in the parkade for electric vehicles and scooters, and offer Co-op cars for all residents to enjoy.

Water efficiency is carefully managed throughout the homes and also in using efficient irrigation and drought resistant landscaping which requires less water.

Energy and atmosphere we considered in this case by linking into the False Creek Neighbourhood Energy Utility which uses an economy of scales to heat all of the homes in this exciting new community while using less energy and therefore at a lower cost to each homeowner.

Materials and resources are sourced from regional suppliers and recycled materials where possible as well as recycling at minimum 50% of construction waste during the construction process.

Interior Features

The finer points complete the portrait of ones character. And, it is the small things, often overlooked by others, that make James unique. Of course, the prominent features and fixtures are immaculate, but look a little bit closer, behind the cabinets, in the closets, and into the corners and you’ll see that the quality that defines James is more than skin deep.

kitchen at James

ARRIVE

Developed and built by Cressey Development Group

Impeccably designed by award winning Rafii Architects

Convenient air conditioning in every home

5″ wide plank brushed engineered hardwood entry, kitchen, dining, living and bedrooms*

In-suite storage with porcelain tile flooring

Energy efficient stacking washer and dryer

12″ x 24″ porcelain tile flooring in den with frosted glass door

Contemporary smooth ceilings

Outdoor balcony area in every home

5″ baseboard throughout

24 hour video surveillance security

ENJOYY

Beautifully landscaped community including breezeway with granite inserts, water feature, art and prestigious entrance lobby

On-site concierge for security and convenience to help with everyday errands**

Fully equipped fitness centre with yoga room, steam room and sauna

Cozy fireplace lounge with large screen TV

Convenient business centre

Thoughtful car share program

“UP” the beautiful rooftop observatory with kitchen spilling out to rooftop patio with BBQ area, seating, landscaping, garden plots and shed, children’s play area and all with stunning views of downtown

COOKK

Contemporary cabinetry with task lighting

Sleek composite stone countertops and backsplash with eating bar

Suspended backsplash track including spice rack and utensil hooks

Convenient custom cutlery organizers

Aluminum roll-up door for hiding appliances or extra countertop space

Custom under sink organizer for extra storage and built-in
recycle centre

Stainless steel double bowl sink with in-sink waste disposal

Designer faucet with vegetable spray
Wine storage shelving in island

Soft-close cabinet drawers and doors

Fully integrated Blomberg bottom freezer refrigerator

Fagor 5 burner gas cooktop

Broan slide out hood fan

Fagor European convection wall oven with 8 cooking programs

Fagor 6 washing cycle fully integrated dishwasher

Panasonic built-in microwave

BATHE

Luxurious limestone countertops and backsplash

Custom medicine cabinet

Contemporary cabinetry

12″ x 24″ porcelain tile flooring in bathrooms

Designer porcelain tile tub and shower surround

Frameless glass shower**

Contemporary chrome faucet and showerhead

Recessed pot lighting

Dual flush toilet

Designer vessel sink

Floor plans click here

Please fell free to contact me for more information on this development at 604-771-6415!


Why list Your property with Us?  Our marketing and advertising campaign includes:

Print advertising: Online Marketing Campaign Unique Services
Real Estate Book Multiple Listing Service (MLS.ca) Real Estate Channel TV
Real Estate weekly Realtylink.org Virtual Tours
The Courier Century21.ca (global and local website) Professional Photos
Flyers Vancouver-properties.ca Open Houses
Feature sheets Asmallworld.com (international site) Floor Plans

More information at www.vancouver-properties.ca

Categories: Uncategorized

Home buyer and seller activity increases in busy spring market

May 4, 2010 Leave a comment

The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 per cent compared to the 2,963 sales in April 2009; 9.1 per cent more than April 2008’s 3,218 sales; and 3.7 per cent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 per cent increase compared to last month.
“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 per cent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 per cent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).
At 15,901, the total number of property listings on the MLS® increased 17 per cent in April compared to last month, and is up 11 per cent compared to this time last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 per cent to $593,419 from $499,021 in April 2009.
“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.
Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 per cent from the 1,190 detached sales recorded in April 2009 and a six per cent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.
Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 per cent compared to the 1,179 sales in April 2009 and an increase of 15.9 per cent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 per cent from April 2009 to $397,779.
Attached property sales in April 2010 totalled 616, an increase of 3.7 per cent compared to the 594 sales in April 2009 and a 1.3 per cent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 per cent between April 2009 and 2010 to $502,399.

Click here to download the complete stats package.

Categories: Uncategorized
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